Energy Fuels Inc.

Q1 2026 revenue and EPS were not stated in the transcript. Management reported $8 million of EBITDA / operating cash flow, a net loss of $11 million versus a net loss of $26 million in Q1 2025 and $21 million in Q4 2025, and $957 million in working capital with $1.4 billion in total assets. Uranium sales were 510 thousand pounds in Q1, including 100 thousand pounds sold at an average of $95.88 per pound on the spot market and 110 thousand pounds sold at just under $64 per pound under long-term contracts. Production included 425 thousand pounds mined and over 800 thousand pounds processed through March; the company also said all-in mining/transport/processing cost remained within the expected $23 to $30 per pound range and inventory cost fell to $36 per pound at quarter-end. For forward guidance, management said mill processing should remain within the 1.5 million to 2.5 million pound annual range, sales should stay in line with guidance, and the mill will pause for planned maintenance at the end of Q2 and beginning of Q3. The company reiterated it expects uranium sales to continue through the year, Phase 1B and 1C are targeted for late 2027, Phase 2 permits are hoped for by the end of next year, and Donald FID is expected very soon with closing of ASM targeted in early July.

Ross Bhappu framed the quarter as a major step-change for the company, emphasizing that Energy Fuels is becoming a vertically integrated critical-minerals platform spanning uranium, rare earths, heavy mineral sands, and metallization. He was upbeat about first terbium production, the Varamata and White Mesa Phase 2 feasibility studies, and the ASM deal, calling several of them “game changers.” His tone was confident but execution-focused, repeatedly stressing safety, community relations, permitting, and the need to turn the asset base into operating results.

Nathan Bennett highlighted a very strong liquidity position, citing $957 million in working capital, $1.4 billion in total assets, and $621 million of unused net proceeds from last year’s convertible note offering. He said the Q1 net loss improved to $11 million from $26 million a year ago and $21 million in Q4 2025, helped by higher uranium revenue/sales and income from marketable securities, though partly offset by higher operating and transaction costs. He also noted spot sales at $95.88 per pound, contract sales just under $64 per pound, all-in uranium mining/transport/processing costs of $23 to $30 per pound, inventory cost down to $36 per pound, and that uranium segment profitability is starting to emerge.

Analysts focused on uranium inventory, sales timing, and whether Energy Fuels would push sales toward the top of its guidance if prices stay near $100 per pound. Bhappu said inventory must cover contractual commitments while preserving flexibility to switch the mill between uranium and rare earths, and that sales will likely be staged through the year rather than concentrated in Q2. Questions on Varamata, Donald, and monazite sourcing drew comments that Madagascar was delayed by a government change, Donald’s FID is waiting on coordinated offtake and financing, and the company will need additional monazite beyond internal sources and its Chemours agreement to keep Phase 2 full.